he Port of Seattle Commission today approved the 2016 Budget to support the dramatic growth at Seattle-Tacoma International Airport, as well as record-setting growth in the cruise business.
“This is not a status-quo budget,” said Port CEO Ted Fick. “This is a growth-oriented budget so we can spur the regional economy, expand opportunities for small and disadvantaged businesses, increase family-wage jobs, help people acquire skills to move up the career ladder, and protect our environment.”
In 2015, the Port forecasts 12.5 percent growth in airport passengers over 2014, expecting to see over 42 million passengers pass through Sea-Tac by year’s end. Once again, the airport is likely to be the fastest-growing top 20 airports in the country. All indications are that passenger growth will continue in 2016 while the Port continues its work on the Sea-Tac Airport Master Plan (SAMP) as part of its commitment to economic vitality for the region.
The Port also saw a 9-percent increase in cruise passengers this year over 2014, making it another record year with 898,032 passengers sailing via Seattle. Estimates indicate that 2016 will see another 6.8-percent increase. Seattle continues to be the leading west coast cruise port; each homeported cruise ship that calls at one of the Port’s two cruise terminals generates $2.5 million to the local economy.
The 2016 budget includes funding major improvements to the Pier 66 cruise terminal. The public-private partnership with Norwegian Cruise Line will share the cost to renovate the interior of the terminal to accommodate more passengers and improve mobility along Alaskan Way.
“This is a business plan that is built on partnerships,” said Port Commission Co-President Stephanie Bowman. “Partnering with our cruise and airline customers allows us to create the infrastructure that benefits the region’s economy, while maintaining the highest environmental standards. And by partnering with the Port of Tacoma, we have created the third largest container cargo port in the nation through the Northwest Seaport Alliance.”
Major projects at the airport, such as the North Satellite and South Satellite renovations, new International Arrivals Facility, and the Baggage System Optimization will improve the customer experience, reduce congestion, and add capacity to accommodate future growth.
The total capital budget for 2016 is $408.4 million and the five-year capital improvement program is $2.23 billion, which reflects the Port's continuing commitment to investing in the development, expansion, and renewal of Port facilities that support regional economic activity.
The Port’s 2016 Budget assumes a levy amount of $72 million, a reduction of $1 million from 2015. The Port had held the levy amount constant for the past four years adjusting the levy rate downward as property values have increased. A typical King County single-family homeowner will pay $82 per year to fund the Port in 2016.
